News Column

ADB and World Bank Strengthen Coordination to Restore Basic Services in Typhoon-Hit Philippine Towns

June 23, 2014

MANILA, Philippines, June 23 -- The Asian Development Bank issued the following news release:

The Asian Development Bank (ADB) and World Bank today signed a memorandum of agreement to harmonize their support for the Philippine government's flagship program to rebuild areas devastated by super-typhoon Yolanda, known internationally as Haiyan.

The agreement was signed by ADB'sPhilippine Country Director Richard Bolt and World Bank's Country Director Motoo Konishi, and witnessed by Social Welfare and Development Secretary Corazon J. Soliman in Ormoc City in Leyte province, one of the provinces hit hardest by the super-typhoon last year.

"This agreement will strengthen coordination among ADB, the government, and the World Bank, to ensure the successful processing and implementation of the reconstruction and recovery efforts in areas affected by Yolanda," said Mr. Bolt during the ceremony.

ADB is providing a $372.1 million loan to the government's flagship KALAHI-CIDSS-National Community Driven Development Program (KC-NCDDP) to help restore basic social services and rebuild communities in areas affected by the super-typhoon. In the aftermath of Typhoon Yolanda, the targeting strategy of the program has been revised to prioritize all-Yolanda-affected municipalities.

The KC-NCDDP supports community volunteers in identifying, prioritizing, budgeting, and implementing needed projects, such as water supply systems, schools, health stations, electrification, access roads, irrigation, flood control, and artificial coral reef sanctuaries. Through the project, affected communities will be engaged in determining their priorities to help ensure appropriateness and sustainability of the disaster responses. The community-driven approach also ensures transparency in the use of public resources in communities.

The project is part of a total of $900 million package of emergency grants and loans that ADB provided to meet the immediate post-disaster costs and support the reconstruction of areas affected by Yolanda. The assistance includes a $500 million loan to bridge budgetary gaps posed by the disaster response and $23 million in grants.

In order to coordinate, accelerate, and monitor the use of funds, as well as to advise local governments on the road to recovery, ADB opened an office in Tacloban in February.

TNS 18EstebanLiz-140624-30FurigayJane-4775478 30FurigayJane

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Targeted News Service

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters